Oil Prices Rise Sharply, Middle East Conflict Heats Up
World oil prices surged significantly in trading on Monday (June 8, 2026), following a new Israeli attack on facilities in Iran and a subsequent attack on Lebanon the day before.
Brent oil futures rose US$4.42, or 4.47%, to US$97.15 per barrel, while US crude oil (WTI) added US$4.07, or 4.50%, to US$94.61 per barrel.
Israel targeted a petrochemical plant in southwest Iran, along with several other military targets, despite US President Donald Trump reportedly asking Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks. Iran reported partial damage to the plant, but there were no reports of casualties.
This increase reversed a price decline last Friday, when the market had been optimistic about a de-escalation of the US-Iran conflict. The surge in oil prices has heightened concerns about global energy flows, particularly through the Strait of Hormuz, a passageway through which about a fifth of the world's oil and LNG flows.
Since the outbreak of war in late February 2026, oil prices have risen nearly 60%, although they remain below their March highs, when Brent reached nearly US$120 per barrel. This situation indicates continued uncertainty in the Middle East and the potential for high volatility in global energy prices.
Despite this, President Donald Trump has asserted that a deal to end the broader conflict between the US and Iran is still possible. However, the escalation of military attacks by both sides has added short-term pressure on oil prices, keeping investors wary of potential energy supply disruptions.
Source: Newsmaker.id
